HSBC to price 95% principal-protected notes linked to BRIC currencies

By Angela McDaniels

Tacoma, Wash., July 6 - HSBC USA Inc. plans to price 0% notes due Jan. 11, 2013 linked to the performance of a basket of currencies relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi.

If the basket return is positive, the payout at maturity will be par plus at least 170% of the basket return. The exact upside participation rate will be set at pricing. If the basket return is negative, investors will receive par plus the basket return, subject to a minimum payout of $950 per $1,000 principal amount of notes.

The notes (Cusip: 4042K1KK8) will price July 8 and settle July 13.

J.P. Morgan Securities LLC is the agent.

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